Setting Up Your Business
Waterford County Enterprise Board can provide you with detailed guides on:
Starting your own business can be an exciting and challenging time. Here are ten steps that will help you get started.
1. Know yourself
- Can you work alone?
- Can you take responsibility?
- Are you of a positive disposition?
2. Are you prepared to take a risk?
Starting a business will involve risking your savings. Are you prepared for this?
3. Research your market
- What is the extent of the market for your product/service?
- Who are your customers?
- Who are your competitors?
4. Look at your production requirements - premises, machinery and labour
- Where will the enterprise be located?
- What considerations are important in the choice of premises?
- What machinery is required?
- Will employees require additional training prior to commencing work?
5. Work out your total costs
- What costs are involved in the purchase of capital equipment/premises?
- What are your labour costs?
- What is the cost involved in production?
6. Estimate your selling price and plan how you will achieve sales
Taking the above factors into consideration estimateyour selling price.
- Who/where is your target market (local/national)?
- How will you promote your enterprise?
- What channels of distribution will be used?
7. Decide the legal framework of your business/check out any legislation that might affect you
- What business structure will the enterprise use - sole trader, partnership, limited company?
- Have you registered your business name with the register of business names? (www.cro.ie)
- Have you registered as self employed?
- Are you familiar with your obligations as an employer?
- Are you familiar with your tax obligations (Income & VAT)
8. Check out your sources of materials/supplies, their availability and cost
- Where can the raw materials be purchased?
- Have you received quotations from a number of potential suppliers?
9. What are your total financial/investment requirements?
How will you fund the project (personal investment, grant aid, loan)?
10. Produce a Business Plan
Using our template or other, commit all relevant information to paper - be realistic and set targets based on the research carried out.
Write A Comprehensive Business Plan
Your business plan should include the key areas of management, marketing, finance and production. The Enterprise Board provides a comprehensive programme of assistance with the development of your plan. The plan is first and foremost for you own use in focusing on the issues which must be managed to ensure the success of your business. It may also be essential in securing financial backing either from banks, government agencies or private investors.
How Will Your Life Change?
Try to visualise how self-employment will effect your life in practical ways while you are still in the planning phase.
- Decide how big you would like the business to become. Is your wish to provide employment for yourself and your immediate family or could you cope with employing others. If you will be employing others, acquaint yourself with employment law and PAYE/PRSI system. The Enterprise Board may also be able to assist you by providing up to 80% support to obtain professional advice.
- Will self-employment suit you? It requires absolute commitment, discipline and long hours to establish a business. Go talk to people you know who are self-employed. Look at the pressures and rewards it has brought into their lives. Try to be objective as to whether this new way of life will suit your character and personality.
- Try to get those close to you to buy into your plans as you will need their support to make it happen.
